林清轩或将港股敲钟，上半年收入、净利约翻倍

Core Viewpoint - Lin Qingxuan, a domestic beauty brand, is set to go public on the Hong Kong stock market after passing the listing hearing, marking a significant milestone in its growth trajectory [2]. Financial Performance - Lin Qingxuan's revenue surged from 691 million yuan in 2022 to 805 million yuan in 2023, and is projected to reach 1.21 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 32.3% [2]. - The company turned a profit in 2023 with a net profit of 8.45 million yuan, a significant recovery from a loss of 5.93 million yuan in 2022, and is expected to further increase net profit by 121.1% to 187 million yuan in 2024 [2]. - In the first half of 2025, revenue increased by 93% year-on-year to 1.052 billion yuan, with net profit also rising by 120% to 182 million yuan, achieving a net profit margin of 17.3% and a gross margin of 82.4% [2]. Product Strategy - The brand's flagship product, Camellia Oil, has sold over 45 million bottles since its launch in 2014, contributing 45.5% of total revenue in the first half of 2025 [4]. - Lin Qingxuan's product line includes 230 SKUs, with Camellia Oil, cream, and lotion being the top three categories, accounting for approximately 15% and 10% of total revenue, respectively [4]. Marketing and Sales Strategy - Marketing expenses are high, with sales and distribution costs reaching 55.2% of total revenue in the first half of 2025, aligning with the overall trend in the domestic beauty industry [2][9]. - The company has significantly increased its online presence, with online sales accounting for over 65% of total revenue by the first half of 2025, up from 45.2% in 2022 [7]. Brand Development - Lin Qingxuan's brand narrative has evolved from small skincare products to a focus on high-end skincare, particularly emphasizing the benefits of Camellia Oil [5][6]. - The brand has undergone several strategic repositionings, most recently in 2023, to enhance its market presence as a "Camellia Anti-Aging Repair Expert" [5]. Market Outlook - The domestic beauty market is expected to see increased demand for plant-based oils, with analysts predicting a potential surge in interest in this segment over the next few years [9].